Yesterday amidst the announcement that Mt. Gox would resign from the Bitcoin Foundation Board, Mt. Gox managed to delete all of the tweets on their Twitter account. As you can see below, it’s a blank slate:
It is pretty clear at this point that Mt. Gox was operating as a ponzi scheme and while people thought they were storing their Bitcoin at one of the go-to Bitcoin exchanges, they were actually lining the pockets of the founders. There is a monster thread going on Reddit about Mt. Gox and while we’re all just speculating it looks like there are going to be a lot of very unhappy Bitcoin owners (or people who thought they owned Bitcoin).
While I am glad I didn’t have any Bitcoins at Mt. Gox I know plenty of people who did and feel terrible for them. At the end of the day the silver lining here is that this will most-likely lead to greater Bitcoin exchange regulations but that doesn’t help people who literally lost their investments overnight.
More to come, the unraveling of Mt. Gox has just begun…